Sustainable Insight Capital Management LLC Takes Position in Best Buy Co., Inc. (NYSE:BBY)

Sustainable Insight Capital Management LLC acquired a new position in Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 49,700 shares of the technology retailer's stock, valued at approximately $5,134,000. Best Buy comprises about 2.3% of Sustainable Insight Capital Management LLC's holdings, making the stock its 11th largest holding.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BBY. Raymond James & Associates lifted its stake in shares of Best Buy by 1.8% in the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer's stock worth $355,374,000 after buying an additional 62,452 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Best Buy by 8.3% in the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer's stock valued at $257,569,000 after purchasing an additional 235,478 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Best Buy by 55.7% during the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer's stock worth $241,347,000 after buying an additional 1,024,824 shares in the last quarter. Ninety One UK Ltd acquired a new position in Best Buy during the second quarter worth $121,325,000. Finally, AQR Capital Management LLC boosted its stake in Best Buy by 55.4% during the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer's stock worth $116,252,000 after buying an additional 491,781 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Best Buy Stock Down 1.0 %

Shares of NYSE:BBY traded down $0.91 during trading hours on Friday, reaching $89.20. The stock had a trading volume of 2,631,707 shares, compared to its average volume of 2,348,488. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $103.71. The firm's 50 day moving average is $96.59 and its 200-day moving average is $87.65. The stock has a market capitalization of $19.15 billion, a price-to-earnings ratio of 15.38, a P/E/G ratio of 2.34 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same period in the previous year, the business earned $1.22 EPS. Best Buy's revenue for the quarter was down 3.1% on a year-over-year basis. Research analysts predict that Best Buy Co., Inc. will post 6.28 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.22%. The ex-dividend date of this dividend was Thursday, September 19th. Best Buy's payout ratio is currently 64.83%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on BBY. Melius Research began coverage on shares of Best Buy in a report on Monday, September 23rd. They issued a "hold" rating and a $100.00 price objective for the company. StockNews.com upgraded shares of Best Buy from a "hold" rating to a "buy" rating in a report on Friday, November 1st. Loop Capital increased their price objective on Best Buy from $100.00 to $110.00 and gave the stock a "buy" rating in a research report on Friday, August 30th. Bank of America lifted their target price on Best Buy from $70.00 to $80.00 and gave the company an "underperform" rating in a research report on Friday, August 30th. Finally, Wells Fargo & Company increased their target price on shares of Best Buy from $80.00 to $95.00 and gave the stock an "equal weight" rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Best Buy currently has a consensus rating of "Moderate Buy" and an average target price of $103.35.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.